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Tax Relief in Mississippi

Mississippi residents tend to pay lower taxes than most states in the nation. For example, the state's top personal income tax rate of 5% is 18th lowest among all states that collect individual income taxes. Mississippi collects a yearly average of $470 per person in state and local income taxes combined, which ranks 11th lowest nationwide.

Property taxes in Mississippi average $856 per person, 10th lowest in the United States. And, Mississippi residents pay the lowest average amount of federal income taxes at $7,402, more than $4,000 less than the national average.

However, with the fourth lowest median household income in the nation ($40,850) and a 12% decline in that median income in recent years, many individuals in Mississippi are struggling to meet their financial obligations, including tax debt.

Despite having a lower tax obligation, Mississippi residents are not immune to owing money to local, state and federal tax entities. Planning ahead and saving for April 15th every year is difficult for many of those that live paycheck-to-paycheck. Making car payments, purchasing groceries and taking care of medical needs often trump putting money into a savings account for Uncle Sam. Also, changes in financial circumstances - retirement, disability, and so forth - can push individuals into higher tax brackets and create a nasty surprise when it comes time to file tax returns.

Tax relief has become a focus for many residents of Mississippi as an approach to managing overwhelming financial struggles. These struggles can leave people facing seizure of assets or garnishment of wages in order to pay off taxes owed to federal and local tax authorities. Tax relief companies' work with clients to create effective solutions to tax problems and can even significantly reduce their tax debt. A range of strategies can be employed by experts in tax relief, such as setting up IRS payment plans, audit representation and reconsideration, and negotiating penalty abatement.

 

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Tax Relief In The News

Alcohol industry pushes lawmakers to uncork excise tax relief

The alcohol industry is pressing Congress to make permanent the excise tax relief it received under the Republican tax law. The measure President Trump Donald John Trump Oregon governor to face state rep in November Ashford, Eastman neck and neck in ...

Published:  Wed, 16 May 2018 03:00:10 GMT



Pot may provide tax relief for new school in Easthampton

EASTHAMPTON - Proponents of recreational marijuana have long touted the tax benefits of legalization. Now Easthampton may use those benefits to address rising property taxes. Introduced by Councilor Owen Zaret, a resolution referred to the City Council ...

Published:  Fri, 18 May 2018 20:28:00 GMT



Tax Relief Associates Offers Back Tax Help

A notice and demand is mailed to the taxpayer, and when the demand for payment is not satisfied, the IRS sends the balance due account to a revenue officer in the field; The revenue officer pursues administrative levies, seizures, or judicial collection ...

Published:  Tue, 15 May 2018 10:52:00 GMT



The limits of agricultural relief - How not to get hit with a massive tax bill when inheriting land

Everything you need to know about paying stamp duty on land transfers between... Martin O'Sullivan If a day passes that I do not receive a query on the tax implications of farm succession it's probably because the day is good and farmers are out making the ...

Published:  Sat, 19 May 2018 08:16:00 GMT



Reg relief, tax cuts, the war for talent: What's on midsize banks' radar

Most of the analysis of the regulatory relief bill that passed the Senate earlier this year has focused on how it will help small and regional banks, but the measure - which could face a House vote as early as next week - also contains provisions that ...

Published:  Wed, 16 May 2018 11:40:00 GMT



IRS offering tax relief for Greensboro, Guilford County residents affected by tornado

GREENSBORO - The Internal Revenue Service has announced tax relief for those in Greensboro and Guilford County affected by the April 15 tornado. The move comes as a result of President Trump approving a disaster declaration Tuesday for those areas ...

Published:  Fri, 11 May 2018 12:35:00 GMT



Relief for farmers as tax on mint abolished

The Uttarakhand Cabinet that met earlier this week recommended waiving of 2.5% mandi tax that was said to be a major hurdle in pushing the farmers away from taking up mint as a cash crop. With the Cabinet giving its nod for doing away with the mandi tax on ...

Published:  Fri, 18 May 2018 12:33:00 GMT




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